How to Sell My Lot – Overview of Land Sales

HOW TO SELL MY LOT-An Overview

Many people assume the market dynamics for lots and land are just like the market for existing homes. They truth is they are quite different, and sometime vary greatly from residential real estate. You’ll be better prepared to sell your lot or land if you recognize some of the contrasts between the land market and the existing homes market:

-Land Buyers are Different from Homebuyers – These two groups have different perspectives, desires and needs. Homebuyers usually want move-in-ready, with granite counters. Land buyers, whether individuals or developers, are looking for the right location and an option to develop to fit their needs.Remove featured image

– Land Requires Different marketing Techniques – A home has a kitchen, bathrooms and a façade that could be visual and photogenic. You can hold an Open House for a home and walk a purchaser through every space to make the deal. Buyers can without much of a stretch imagine themselves in – and begin to look all starry eyed at – the newly built home. It’s simply not the same for empty residential lots and land that may not provide the same visual appeal.

-Market for Land is Less Active – The market for existing homes is practically always more vibrant than the land market. There are fewer amounts of buyers for vacant land than consumers looking for homes. Start marketing a new home listing along with a new lot listing when both are desirable and priced well, and you generally can expect fewer contacts on the new lot listing.

-Patience Required – Promoting a lot or vacant land typically is going to take longer than a house. You therefore have to be patient.

Considering all these, having a expert opinion always helps when selling your lot and land. There are many benefits to having an expert on board. They will help you understand the market, set a market price and market your land to the right buyers. However, many land properties are sold by owner, and here are some things to consider when marketing a land property.

TIPS FOR SELLING A VACANT LOT

1. Have the Lot Prepared
First impressions are long lasting in real estate. When selling a home you would never ignore your dirty laundry for prospective customers to see, and you should also tidy up your lot before it is shown and marketed. Cut the grass (or weeds), remove trash and take marketing photos of the property when it is looking its best. Some sellers even grow wildflowers to make their vacant land look lovely. It’s like staging a home, but you’re simply working with raw land instead.

2.Provide Financing Options
Advertising and marketing your land available for sale with financing options can greatly improve the number of potential buyers. Consider options that make sense for the property you are selling as well as your own financial situation. For example, if you are selling some land for $5, 000, you could offer purchasers the option of paying a 500 USD down payment and $100 monthly sequel payments. Make sure to charge interest on the outstanding balance that is in line with current market interest rate for land, which are typically higher than what is offered for traditional residential real estate financing. Financing options make buyers happy and often give you an opportunity to receive a higher market price for your land.

3 Find Ways to Market Your Lot
There are a number of ways available to market your property depending on how you’d like to go about doing so. You may choose to sell your land online on a land listing site like Landwatch.com or if you’re not very computer savvy and would like professional advise, you may hire a broker to help you out. Depending on how much you would like to spend on your listing or whether or not you feel comfortable handling a real estate transaction on you own your options may vary. Sometimes selling a land lot can be a challenge and sellers have been successful by getting creative and doing something that makes their property stand out. You could try offering to sell your property to your neighbor or posting that you have a property you’d like to sell on Facebook. Regardless of the method you choose one thing to remember is to be patient, as sales cycles for land properties can take a while.

If the process involved in selling your land seems like more of a hassle than it’s worth or you would like to sell your land fast without having to wait months or years for your property to sell. We’d be willing to make you a non obligation cash offer. All that we need is a few pieces of information about your property to get started. Fill out our “sell my land” form to get started.